SPY vs WMS: Correlation
SPDR S&P 500 ETF Trust (SPY) and Advanced Drainage Systems, Inc. (WMS) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and WMS?
On 3 years of weekly data the SPY/WMS correlation comes out at 0.51, moderate. The past 12 months show a weaker link (0.39) than the 3-year average (0.51). The 5-year figure is 0.56, and annualized covariance runs at 273.0 %².
Within SPY's tracked universe of 4755 assets, WMS comes in at #442 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 25.0 percentage points (+20.6% for SPY against -4.4% for WMS). One caveat on sizing: WMS is 2.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
SPY vs WMS: side by side
| SPY (SPDR S&P 500 ETF Trust) | WMS (Advanced Drainage Systems, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -4.4% |
| 5-year return | +82.4% | +22.1% |
| Volatility (ann.) | 14.5% | 37.1% |
| Beta vs S&P 500 | 1.00 | 1.31 |
| Max drawdown (3Y) | -18.8% | -45.8% |
| Market cap | – | $10.5B |
| P/E (trailing) | – | 23.6 |
| Dividend yield | 1.01% | 0.52% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | WMS |
|---|---|---|
| 2022 | -18.2% | -39.5% |
| 2023 | +26.2% | +72.4% |
| 2024 | +24.9% | -17.5% |
| 2025 | +17.7% | +26.0% |
| 2026 | +13.7% | -3.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and WMS good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SPY and WMS?
As of 2026-08-27, the correlation of weekly returns between SPY and WMS is 0.51 over 3 years, 0.39 over 1 year and 0.56 over 5 years.
Is WMS a good diversifier for SPY?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-wms.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-wms/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · WMS correlations
